Infinite cash on cash, but 3% cap rate

[Andrew Broadbent]

So I am interested in getting a multi unit property with my VA loan and renting the units I am not living in.
I am able to find such properties that will cash flow once I move out and offset my costs before hand. Easy. The VA loan calls for no down payment so the cash-on-cash is infinite. However the cap rate on these properties I have found would be 3% at their listed price. If they come down and I raise rent some it could come to maybe 4%. Barring a purchase for half the list price I am not sure how else to raise the cap rate.

So is the cap rate that important if I have no money in the property?